POET and Summit Carbon Solutions (Summit) have announced a significant partnership, marking a major advancement in agriculture and biofuels. This collaboration involves integrating 17 of POET's bioprocessing plants across Iowa and South Dakota into Summit's carbon capture and storage project, the largest of its kind globally.
The partnership aims to capture and store 4.7 million metric tons of CO2 annually, derived from bioethanol production at these facilities. This initiative not only supports the agricultural sector and rural communities but also positions ag-based biofuels as a competitive, low-carbon energy solution for the future.
Jeff Broin, Founder and CEO of POET, expressed enthusiasm for the project, highlighting its potential to bring value to farmers, bioethanol producers, and rural communities. He also emphasized the future opportunities this partnership could unlock in agriculture and bioprocessing.
Bruce Rastetter, Founder and Executive Chairman of Summit Agricultural Group, echoed these sentiments. He acknowledged the partnership's significance for American agriculture and biofuels, noting the potential for new market opportunities and enhanced energy security.
Lee Blank, CEO of Summit Carbon Solutions, emphasized the economic benefits of this collaboration. He pointed out its role in boosting farmers' profitability, increasing land values, and ensuring prosperity for farm families and communities.
The integration of POET's facilities into Summit’s project is strategically planned. The South Dakota plants will be included in the upcoming state application for a seamless integration, while the Iowa plants will have separate applications to meet each state's unique requirements and opportunities. This structured approach allows for efficient expansion while complying with local regulations.